November 2012-As a real estate agent in Williamsburg, the most often asked question of me is “How is the market ?
Can you say fantastic ? that would be the word I use to describe the real estate market in Williamsburg VA. Can you believe we had an 80% increase in sales from November 2011 as compared to November 2012 ?
December started off with a bang, offers flying left and right. Wow, who would have expected it. December is usually pretty tame especially the last 2 weeks. This year we got slammed early, although we still expect the rest of December to be flat with the holidays happening. In the first 10 days of December our office has done has much business as it did in all of December 2011 !
We were seeing some hesitation among buyers with regard to the situation in Washington and the pending "Fiscal Cliff". Now that the elections are over buyers are flocking back to the market.
The statistics below are from the Williamsburg Multiple Listing Service (MLS) They cover all detached and attached homes in the zip codes 23168, 23185 and 23188 in the James City County, City of Williamsburg and upper York County Virginia areas.
Below are just a few highlights for the month of November 2012:
November 2012 | Williamsburg Real Estate Market Update Statistics
- 108 – Single-family homes sold, a whopping 80 percent more than November 2011.
- $272,750 – Median price for single-family homes, down 6.35% from $291,250 in November 2011.
- 94 – Average number of days single-family homes spent on the market, 12 days fewer than November 2011.
- 9.16 – Months of inventory* of single-family homes, 3.49 months less than November 2011.
- 22.43%- Year to date sales are up 22.43% with 1037 home sales through the end of November 2012 as compared to 847 through the end of September 2011.
- 97.37 %-Homeowners are getting an average of 97.37 of their list price when they sell.
What does this mean for you? Well, we’ve had a strong market this year with steady home values and an increase in market activity. If you’re thinking of selling anytime soon, consider going on the market soon to take advantage of the increased number of buyers, low interest rates, and fewer days on the market before sale. Interest rates are AMAZINGLY LOW. Bankrate.com national average for a 30 yr fixed mortgage is only 3.38%. These low interest rates and low housing costs continue make Housing Affordability at historic lows
The low inventory level is definitely our biggest challenge for Buyers. Supply is dropping and demand is still high. Buyers, when looking for homes be “ready to buy” with a preapproval letter from your lender in hand. If you find the home that meets your needs, “act quickly” as there are others buyers that probably like the same home you do. You can’t think too long, or that house will be gone.
If you are thinking of selling, please give me a call so we can determine the best strategy for putting your home on the market.
Click here to contact John by email, or call him at 757-254-8136.